Santander sells minority stake in Polish subsidiary

Banco Santander has sold a 5 per cent stake in its Polish subsidiary, Santander Bank Polska, for €600 million.

The bank chaired by Ana Botin retains a 62.39 per cent majority holding in the company and intends to redistribute the capital resulting from selling the 5.3 million shares within the group, Santander explained in the note to the Warsaw stock exchange.

The shares fetched 463 zlotys (€107.81) each, a 7.9 per cent discount on Santander Bank Polska’s price of 502,8 zloty (€117,5) at close of day on September 10.  The sale was completed by September 13, Santander said, and was carried out by Citigroup, Goldman Sachs and its own investment bank.

Poland remained a core market, Santander said, and the sale was aimed at enhancing the liquidity of the Polish subsidiary while attaining its 2024-2026 strategic targets which include ranking as one of the top three banks in the country.